a number of secondary equity offerings which typically results in support from the underwriters.

The bankruptcy filing by General Growth Properties (GGP) provided a catalyst for the sector today sparking a major rally. Bill Ackman, the hedge fund manager who owns 25% of GGP provided $375 in bankruptcy financing saying that it won’ t be forced

IYR sold off towards the end of the day ending the day at $31.91, almost 4% less than the high of $33.12. Though Wall Street is getting less bearish towards the sector, the fundamental risks associated with the sector continue to remain strong. It is unlikely that long-term money will patronize this sector with any strong conviction.